Equity Bridge Loans definition
Examples of Equity Bridge Loans in a sentence
The aggregate principal amount of all Equity Bridge Loans made by the Lenders outstanding at any time shall not exceed ONE HUNDRED SEVENTY NINE MILLION FIVE HUNDRED SIXTY TWO THOUSAND ONE HUNDRED NINETY SIX DOLLARS ($179,562,196) or, if such amount is reduced to a lower amount pursuant to the terms of this Agreement, such lower amount (such amount, as so reduced from time to time, the “Total Equity Bridge Loan Commitment”).
Subject to the terms and conditions set forth herein and in the Master Agreement, each Bank Lender severally agrees to make the Tranche A Loans, the Equity Bridge Loans, the Debt Service Reserve Loans and the Working Capital Loans to the extent more particularly described in Sections 3.1(a), (c), (d) and (e) respectively, of the Master Agreement.
Borrower shall repay to Administrative Agent, for the account of the Lenders, in full on the Equity Bridge Loan Maturity Date, the unpaid principal amount of (together with accrued and unpaid interest on) all Equity Bridge Loans made by the Lenders which have not been extended and converted into a Term Loan as provided in Section 2.2(a), at which time such Equity Bridge Loans shall be considered fully repaid.
Borrower shall request Equity Bridge Loans by delivering to Administrative Agent a Notice of Borrowing.
Such Construction Loan Commitment Fees may be paid out of the proceeds of the Construction Loans or the Equity Bridge Loans, if available.
The proceeds of all Equity Bridge Loans and Construction Loans shall be deposited into the Construction Account.
Borrower shall have paid to Administrative Agent the principal amount of Construction Loans and Equity Bridge Loans outstanding which are not to be Term-Converted plus all accrued and unpaid interest on the Construction Loans and Equity Bridge Loans, plus all other Obligations of Borrower due and payable to the Lenders hereunder or under the other Financing Documents.
The Borrower shall on each date when a Tranche B Loan is made, prepay in full all outstanding Equity Bridge Loans from the proceeds of any Tranche B Loan or Tranche A Loan made on such date to the extent the proceeds of such Loans are not otherwise (i) necessary to pay outstanding Project Costs, or (ii) in the case of the Tranche B Loans, deposited in the Tranche B Escrow Account.
Such Equity Bridge Loan Commitment Fees may be paid out of the Construction Loans or the Equity Bridge Loans, if available.